The scheme will only be available to tenants who have impeccable references

Property Protect has been launched by property management firm Rushbrook & Rathbone ahead of next year's tenancy fee ban, which will make it illegal to charge tenants for admin costs like referencing and inventories.

Deposits can cost renters up to six weeks worth of rent - around £1,041 - to secure a place to live, which they won't be able to get back until the end of the tenancy.

Landlords and letting agents can also claim a chunk when you leave if they feel that you have broken the terms of your contract.

But this new scheme sees landlords taking out an insurance policy which would cover any damages rather than the costs coming out of a tenant's deposit.

What can and can't your landlord take money off your deposit for?

KNOWING what your landlord can't take money out of your deposit for could save you a bundle.

Your landlord CAN take money out of your deposit for:

Rent you might owe.

Property you have damaged like marks on the walls or a coffee stain on the carpet.

Something that you have lost or broken that were in the property when you moved in like cutlery or an ironing board.

Your landlord CAN'T take money out of your deposit for:

Replacing something like an old carpet or paintwork that has naturally worn down with time.

Fixing any problems like a leak which you told them about but they did not fix.

Using your deposit money to decorate an entire room that just had some scuffs on the wall.

WIND IN HER SAILS

'UNLAWFUL LANDLORDS'

REDS AFTER YOUR HOME

Labour MP bids to nationalise homes by giving councils 'right to buy'

She said: "It’s unlikely that landlords taking out business products such as this will be able to pass significant costs on through rent rises because tenants budgets are already stretched and they can choose a property with cheaper rent in a competitive market."

We pay for your stories! Do you have a story for The Sun Online Money team? Email us at money@the-sun.co.ukor call 0207 78 24516.Don't forget to join the Sun Money's Facebook group for the latest bargains and money-saving advice.